Visa, MTN debut prepaid mobile accounts

Mergers, Acquisitions and Financial Results

The fact that the new card will be linked to the user's phone will significantly enhance the security features, says Fundamo CEO Hannes van Rensburg.
Global credit card company Visa and Africa's largest cellular operator, MTN, have partnered to introduce a new Visa prepaid account mobile service as an extension of MTN Mobile Money in developing countries.

The product is a result of Visa's recent acquisition of local mobile money platform Fundamo, which has now been integrated with Visa's global payment network, VisaNet.

Together with MTN Mobile Money, the new service will allow consumers to get a special Visa card which will be linked to their Mobile Money account, and which essentially has the same payment functionality as a bank card.

Visa says the service will allow users to extend their mobile money payment functionality by allowing them to send money to each other, send and receive international remittances, withdraw funds from a Visa ATM and make purchases at merchants or online.